Real
Estate In Montenegro - The Jewel Of The Adriatic
By Suanna
Gurovich
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| Real Estate in Montenegro
Montenegro is just beginning to blossom
as far as real estate is concerned. After 50 years of communism,
the sleeping tiger is beginning to emerge. I have traveled to Montenegro
at least 6 times, and each time I am surprised at how quickly things are
changing, and then again how things are not changing.
Many people in Montenegro have an
exaggerated idea of what the value of their property is. For instance,
I asked a farmer in a small village not far from Podgorica, what he was
selling his small farm for. “$200,000!”
“Wow,” I said, “that is a lot
of money!” The farmer had no more than one acre. The house
wasn’t bad, but certainly not a beauty. It was functional.
Then I asked a doctor what his 3 bedroom 1960’s condominium in Hrzeg Novi
with a view of the sea from very window was worth…$1,000,000! They
have no rhyme or reason for value; they just grab a number out of the air,
and throw it at you. They aren’t able to travel freely in the rest
of Europe, and so they are very isolated from reality and capitalism.
There is a lot of educating that
needs to be done for the property owners, and for the country of Montenegro.
Europe and America have a reasonable legal system set up for property ownership.
The officials of Crna Gora need to study both areas and protect investors
better. The real estate system in America is in my opinion the best.
Our realtors share their listings on a multiple listing system. The
seller benefits from every local realtor working on his property, and the
agent benefits, because he can sell all of the properties in the system.
The commissions are shared, and it is truly beneficial to everyone concerned.
I would love to see this happen someday in Europe, and in Montenegro.
It is a great way to market properties. |
To Contact The Author Suanna
Gurovich
Suanna Gurovich
USA/Montenegro Real Estate
San Francisco, California
415-285-0936
415-285-4467 fax
415-999-4398 cell |
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SGurovich@aol.com
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| No matter what kind of vacation
you desire, this tiny little republic has it all. From the sun kissed
beaches to the lofty mountains and lakes, there is something for everyone
in “Crna Gora”. The beaches are the first thing that usually pulls
people to the region. There are 117 beaches that are a total of 290
kilometers long from top to bottom. The water is so clean that you
can see tiny stones 30 feet under. The weather warms up in April
and doesn’t cool down until October. Tourists call it the Hawaii
of Europe. |
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You shouldn’t be afraid
to invest here, however. There are many opportunities. You
need to be a smart investor and find someone you can trust to get you through
the mine fields of investing in this country. One of the biggest
problems is title to the land. Tito took a lot of land from families
during his reign. Now the families can sue and get the land returned
to them. The problem is that sometimes the land has a huge hotel
on it, or someone else might be living on it. This can be a hassle.
Montenegro has not heard of title insurance, and so a good attorney is
needed to research the land and make sure the individual who is selling
the land is indeed the owner.
Currently there is no good financing
available. Either you bring cash, or you arrange for the seller to
carry your loan. The Banko Komercial in Budva is offering some loans
of 30 percent loan to value. Other than that, good lending is non-existent.
Now for the opportunities.
There is waterfront land available; there is new construction of condominiums;
and Montenegro is divesting itself of all of the property it owns. There
is a huge amount of property in their inventory! The Hotel Plaza
is a gorgeous property of 500 rooms with balconies looking at the sea. |
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There are many hotels that dot the
landscape up and down the seaside that are now available for the right
investor. Montenegro will not be easy to deal with. An investor
needs to know that there is “mordida” being paid to some government officials,
and all offers must be presented with marketing plans for the property.
Montenegro has huge parcels waiting for the right hotel chain for a waterfront
resort, or a resort with a golf course. There is land available on
parcels that used to be for the army. These parcels are either on
the sea, or in a location that would benefit a great resort.
In Podgorica there are beautiful
new condominiums, new homes and office buildings. There are opportunities
for restaurants, and for business. Montenegro has a very well educated
population and has 60% unemployment. The country is ready for investors
who need good labor to come in and build.
In the mountains, there are gorgeous
lakes and rivers that have very little development. In Zabljak, the
hotels are not great, but the location is ripe for a resort that offers
skiing in the winter and mountain sports the rest of the year. When
it is blazing hot in Podgorica, it is wonderfully cool in Zabljak.
The fishing is extraordinary, and hiking rivals the best trails in Switzerland.
There is a glacier in Dormitor, and there are huts for hikers all over
the area. There is little investment here, and with the right investor,
a lot of money could be made.
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| That is why I called
Montenegro a Jewel. It is like a piece of coal, waiting for the right
diamond cutter to release the precious stone from the rock. With
the right realtor, and a good attorney to help you through the difficulties
of buying, this small country could reap riches beyond expectations.
The European Union is building the Adriatic Highway from Germany through
Croatia, through Montenegro, across Greece, and ending in Turkey.
They have almost finished the Montenegrin portion of the highway.
When the Europeans discover the delights of this little area, the prices
will explode. For the investor who wants to take the trouble to do
the investing now, the rewards will be great in the very near future.
The most important part of the equation, however, is how lovely and enjoyable
the area is, and how wonderful and hospitable the people are. It
is truly an enjoyable place to visit and to recreate! If you just
decide to buy a condominium, it will be a place you yearn to go to all
year long. I have been going there for the last ten years, and I
can hardly wait for my next trip. I usually stop off in Rome or Paris,
but I am really looking forward to sunbathing and enjoying one of the beautiful
beaches in Crna Gora. Good luck and good hunting!
To Contact The Author
- Suanna Gurovich - USA/Montenegro Real Estate San
Francisco, California 415-285-0936 415-285-4467 fax 415-999-4398 cell -
- SGurovich@aol.com |
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